[Saanich] Uptown Shopping Centre | Phase 2 completed in 2012

[Sanjeet]

I posted a question on facebook asking when a new restaurant was going to open and was given the following response:

"Hi Sanjeet- Sorry for the late reply sorry we missed this. We are very close to announcing a very exciting resteraunteur. A three level roof top patio located in Phase one. More food operators will be located in Phase two which will open September of this year."

[History Buff]

The final crane is being removed this afternoon

[aastra]

...from memory there arent any roofs there that would be particularly conducive to a patio.

This image seems to show a lot of stuff on the roof of one of the buildings:
http://www.leasinguptown.ca/lease/wp...aerial_map.pdf

[G-Man]

Yeah I think the part of that building with the blue thingys is where we will see the Cactus Club go in.

[Coreyburger]

Originally Posted by G-Man

Yeah I think the part of that building with the blue thingys is where we will see the Cactus Club go in.

The tallest building in that portion has been covered with construction scrim for a long while now (where the roof stuff is).

[G-Man]

Not sure about that. That building was completed almost two years ago...

[Brick and Mortar]

Originally Posted by spanky123

At what they are asking, the office component will be vacant for a very long time in my opinion.

What are the current net office rents they are asking spanky? Does anyone know what current market net rates are for class "A" suburban office space?

[sebberry]

I was at Uptown.. er.. Monday - and noticed that the road in front of Future Shop has been dug up. More leaks?

The escalators to Future Shop were also down for repair. If you're walking up a stationary escalator, watch out for that shallow first step!

[spanky123]

Originally Posted by Brick and Mortar

What are the current net office rents they are asking spanky? Does anyone know what current market net rates are for class "A" suburban office space?

The rumour was that the Government paid $45 /sq ft triple net but Moorgard has subsequently lowered the asking price for new tenants to $30 /sq ft.

The issue in my opinion is not what a fair price is for class A space in that area, but who other than Goveernment is willing to pay a premium for class A space in that area! You can get decent class B space all day long now in Victoria/Saanich for $12-$16 /sq ft. It is probably the most favorable market for tenants now then it has been in the past 20 years.

[Mike K.]

It's about time they lowered the rates. The 10+ year rate is still $40, though. Way overpriced IMO.

From the leasing website:

Available Areas: 2,800.00 SF to 12,620.00 SF. Asking Rent: Years 1-5 $26.00/SF; Years 6-10 $29.00/SF; $13.44/SF Operating Costs and Taxes.

In other words a 2,000 sq. ft. office at Uptown would cost just under $6,600 per month at the 1-5 year rate. That's still very expensive hence trickle of interest from private companies.

[spanky123]

Originally Posted by Mike K.

It's about time they lowered the rates. The 10+ year rate is still $40, though. Way overpriced IMO.

From the leasing website:

Available Areas: 2,800.00 SF to 12,620.00 SF. Asking Rent: Years 1-5 $26.00/SF; Years 6-10 $29.00/SF; $13.44/SF Operating Costs and Taxes.

In other words a 2,000 sq. ft. office at Uptown would cost just under $6,600 per month at the 1-5 year rate. That's still very expensive hence trickle of interest from private companies.

$13.44 in operating costs is also very high. Add in HST, utilities and basic office costs and you are close to $8,500 a month. You could probably find a dozen class B spaces now where the landlord would lease to you at $2,500 a month gross for the same sized space.

[Mike K.]

$13.44 operating cost is very high and I imagine it will rise considerably once the entire project is completed (property tax is a big chunk of this cost, and it will rise as the value of the project rises) and issues requiring repair/attention start rearing their heads.

Operating cost is one major unknown when leasing office space. You can go from paying $25/sq ft with operating cost to $27 or $28 the following year and by the time your lease is up you could be paying upwards to if not over $30/sq ft. Every dollar per sq. ft. per year on a 2,000 sq. ft. space increases the monthly leasing cost by $167. A $3 operating cost increase skyrockets the amount to $500 per month.

Considering the high number of merchandise sales taking place at Uptown and the stores looking like they're not all that busy, Uptown's draw of the uber chic crowd to higher-end retailers may have been miscalculated. Every time I've been to Uptown the upper portion (Shoppers, Best Buy) is void of people and the lower portion is frequented by Wal-Mart shoppers. The high-end retailers are literally empty.

[Brick and Mortar]

Originally Posted by spanky123

$13.44 in operating costs is also very high. Add in HST, utilities and basic office costs and you are close to $8,500 a month. You could probably find a dozen class B spaces now where the landlord would lease to you at $2,500 a month gross for the same sized space.

I would be impressed if you could find a 2,000 SF, "B" class office space for $2,500/mo. Ballparking additional costs at $10/SF your net rent would then be $5/SF..... Can you please give one example let alone 12.

[Mike K.]

Point Building at Uptown receives LEED Certification. What's interesting is in the list below there is no confirmation listed for Cactus Club, although the restaurant is technically a confirmed tenant with staff already training.

Below is a press release we received:

Uptown’s Point Building Receives LEED Gold Certification

April 20, 2012 – Victoria, BC Uptown has received Leadership in Energy and Environmental Design (LEED) gold certification for The Point Building.

The designation was announced today as part of Uptown’s Earth Week celebrations which included The District of Saanich, community partners and Uptown tenants showcasing sustainability displays with alternative vehicles and green-living information as part of Uptown’s commitment to engaging the community with educational sustainability programs.

The Point Building is the first of five buildings at Uptown to achieve a LEED designation. The entire mixed-use community is designed to the LEED for Neighbourhood Development (LEED - ND) gold standard and in addition, individual buildings are designed to target either LEED silver or LEED gold certification.

“Environmental sustainability is central to Uptown’s design,” said Geoff Nagle, director of development, Western Canada, Morguard Investments Limited. “What we are achieving here is a new level of sustainable, mixed-use urban development on what was previously a prime example of suburban sprawl.”

The Point Building received exemplary scores for addressing greenhouse gas emissions (GHG) from vehicles. Key factors included the development’s connectivity to more than 200 transit trips per day and to foot and cycling traffic on the Galloping Goose and Lochside trails.

Other areas of the building that scored high marks include:

· Overall energy reduction related to a district heating and cooling system and integrated building design;
· Waste management which saw 83.7 per cent of waste reused or recycled;
· Potable water reduction of 47.3 per cent using low-flow technology and recycled rainwater combined with high efficiency irrigation; and
· Construction using 35 per cent recycled building materials.

“Uptown is a vibrant and sustainable gathering place,” said Frank Leonard, Mayor of Saanich. “As the region’s largest development, Uptown is making a positive social, environmental and economic impact in Saanich and beyond.”

The Point Building is home to Future Shop, Urban Barn, Optiks International, Biosundara Medi-Spa and office tenants, BC Assessment and Consumer Protection BC. Tenants benefit from a healthier work environment that offers clean air, natural light and opening windows; factors that have been shown to improve health, well-being and productivity in indoor environments.

About Uptown:

A project of Morguard Investments Limited, Uptown will offer 860,000 square feet of sophisticated open-air shopping, Class A office space, stylish restaurants and deluxe amenities at full build-out. As Victoria’s greenest shopping experience, Uptown is compact, full of greenspace and easily walkable. Using only a fraction of the land of a conventional development, Uptown is designed to the LEED for Neighbourhood Development (LEED - ND) Gold standard. In addition, individual buildings at Uptown are designed to target either LEED Silver or LEED Gold certification.

Uptown welcomed its first tenants in late 2010 and will complete phase 2 of the project in late 2012. Both phases include retail and commercial space. Phase 3, including a possible residential component, is currently in the pre-development design stage.

Confirmed Uptown tenants, as of April 20, 2012:

BC Assessment
BCBGMAXAZRIA
Best Buy
Biosundara Medi-Spa
Candy Cures
The Children's Place
Consumer Protection BC
Cupcakes
David’s Tea
Eccotique Salon & Spa
Future Shop
Good Earth Coffeehouse and Bakery
Jackpot
Jacob
Megson Fitzpatrick Insurance Services
Melanie Lyne
Mexx & Mexx Kids
Moores Clothing for Men
Mynx Boutique
The Noodle Box
Optiks International
Plenty
Qoola Frozen Yogurt + Fruit Bar
Ricoh
Rockbebe Kids Boutique
Rogers Wireless
Salon Felice, an Aveda Concept Salon & Spa
Shoppers Drug Mart
Starbucks
Uptown Dental Clinic
Uptown Medical Clinic
Urban Barn
Urban Nail Spa
Walmart
Zennkai Salon

[cakeman]

Apparently a fairly large daycare going into Uptown.. I shudder to think of the monthly rates required to meet the rent..

cakes..

[Bingo]

Was there today and there is now an attendant at the cart escalator. You are not allowed to put your own cart on, as it seems that parents were letting young children ride down in the cart.

[martini]

Originally Posted by Bingo

Was there today and there is now an attendant at the cart escalator. You are not allowed to put your own cart on, as it seems that parents were letting young children ride down in the cart.

[Holden West]

Yet another case of good, honest youthful shenanigans shut down by The Man.

[G-Man]

^ Word. Sounds like fun to me.

[VicHockeyFan]

Originally Posted by Holden West

Yet another case of good, honest youthful shenanigans shut down by The Man.

As kids shopping with parents, we caused some pretty good havoc in Safeway often, whipping around in carts, often to be stopped by plainclothes security staff, and asked to settle down, and return to our guardians.

[Sparky]

I was waiting for a little old lady to try and connect her cart to that contraption.....only get her purse snagged somehow...... get past the point of no return......and have to ride that sucker to the parking lot.

[VicHockeyFan]

Originally Posted by Sparky

I was waiting for a little old lady to try and connect her cart to that contraption.....only get her purse snagged somehow...... get past the point of no return......and have to ride that sucker to the parking lot.

Reminds me of a coworker of mine that drove down stairs adjacent to a heritage home off Rockland. Mistook them for a vehicle ramp. Passed point of no return and just drove down them.

[Fairbanks]

Originally Posted by VicHockeyFan

Reminds me of a coworker of mine that drove down stairs adjacent to a heritage home off Rockland. Mistook them for a vehicle ramp. Passed point of no return and just drove down them.

Where are these steps...I want to try it too...lol.

[sdwright.vic]

Originally Posted by cakeman

Apparently a fairly large daycare going into Uptown.. I shudder to think of the monthly rates required to meet the rent..

cakes..

Daycare require a outdoor play area... Hows that going to work?

[G-Man]

Could be roof top like the one downtown.